Avnet Inc. and Arrow Electronics Inc., the two largest global electronic-parts distributors, formed a consortium with an affiliate of Britain's Schroder PLC that agreed to acquire Germany's Veba Electronics Group for $940 million, plus the assumption of debt.

Monday's announcement, which had been expected for weeks in industry circles, is the most dramatic sign yet of accelerating consolidation among distributors of electronic parts, computer chips and related products in the U.S., as well as overseas. Counting the debt...